The BBC reported today that HRH The Duchess of Cornwall has applied to join a credit union in Peckham, London, which specialises in lending out members’ money to help people who are struggling.
The BBC reports that she made her application during a visit to the London Mutual Credit Union (LMCU), which is a not-for-profit organisation.
Credit unions are not for profit organisations whose members use their own money to offer loans and in particular for the LMCU, payday loans. Usually, payday loans are notorious for their astronomical interest rates, though the LMCU’s interest rates are around 140x lower than some of the worst payday loan interest rates.
The LMCU’s promo says, “Credit Unions are not-for-profit co-operatives aiming to provide affordable financial services for members of the local community.With no shareholders to worry about, our only focus is our membership.”
Camilla, Duchess of Cornwall was reported to have said, ”Everybody needs that bit of help to show them how its done… That personal touch just makes a difference.”
The Duchess of Cornwall also remarked, “It is just raising awareness. Probably like many other people I didn’t know much about it.”